Agreements for Zafarana’s solar power plants to be signed

Egypt, Gulf of Suez: Egypt’s New and Renewable Energy Authority (NREA) will sign a cost-sharing agreement with seven companies set to build solar power plants in the Zafarana area with a total capacity of 305 MW.

30% of the value of the cost-sharing agreement, to be paid by the seven companies after signing the agreement, will cover the construction of the infrastructure and transmission stations, which will transfer the energy from the new plants, reports Daily News Egypt.

A large number of solar energy companies will pay 70% of the cost-sharing agreement under letters of guarantee, which should assure the reimbursement for the construction of transformer stations and rehabilitation of the site.

Source: Daily News Egypt